Day: November 18, 2023

Pakistan, Iran agree to jointly develop IP gas pipeline implementation plan

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iran-gas-pipeline

Pakistan and Iran have decided to revive their stalled cooperation on the Iran-Pakistan (IP) gas pipeline project, which has been languishing for years due to the fear of US sanctions. The two countries will start formal negotiations within the next few weeks. This was the outcome of the recent visit of Pakistan’s Interim Energy Minister Muhammad Ali to Tehran, where he met his Iranian counterpart and other senior officials. According to a report by The News, energy minister said that Pakistan has reaffirmed its commitment to the project and conveyed…

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Solar plan could save $2 billion a year in LNG imports, expert says

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ISLAMABAD: An energy expert claims he has a realistic and workable plan to slash the country’s reliance on liquefied natural gas imports by up to 50 percent gradually in the next three years and reduce its massive power sector debt by using solar energy. Eng Arshad H Abbasi, co-Founder of Energy Excellence- Center NUST, Engineering University Peshawar said he has been demonstrating his innovation at his own home, where he does not use gas from the national grid, for the past two years. Abbasi said he wanted to replicate this…

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PSA joins govt for 60% renewable vision by 2030

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solar-panel

Stresses need for local private sector to take leading role in financing these projects LAHORE: The Pakistan Solar Association (PSA) has pledged its commitment to collaborate with the government of Pakistan to achieve the ambitious goal of generating 60% renewable electricity by 2030. The announcement was made by PSA Chairman Amir Chaudhry at the ‘Lets Grow Together’ event on Friday. Chaudhry expressed the association’s excitement, emphasising the importance of recent initiatives like the 10GW fast track projects launched by the Alternative Energy Development Board (AEDB) and the energy ministry last…

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Pakistan needs $25b loans this FY: IMF

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IMF-board

Lender doesn’t agree with growth, CAD projections ISLAMABAD: The International Monetary Fund (IMF) has revised Pakistan’s foreign loan requirements to $25 billion for this fiscal year — reducing it by $3.4 billion — and also lowered the economic growth projection to just 2%, turning down the government’s external as well as macroeconomic forecasts. Finance ministry sources said the IMF had also lowered its inflation projection for the country to 22.8% for this fiscal year — reducing it from 25.9%. The IMF did not accept the finance ministry’s projections for the…

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ADB okays $250m for power networks

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power-sector

ISLAMABAD: The Asian Development Bank (ADB) on Friday announced that it had approved $250 million in loans to Pakistan for improving its power transmission network in Punjab and Khyber Pakhtunkhwa to ensure reliable electricity supply. The project is aimed at helping the country achieve national grid stability, energy security, climate resilience and increased transmission capacity to deploy sufficient, reliable, clean, and cost-effective energy for sustainable economic growth. It is designed for enhanced management of the national transmission system of Pakistan by expanding the high-voltage transmission network in the Khyber Pakhtunkhwa…

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